The Dow Jones Industrial Average fell 2,997.1 points, or 12.93%, to 20,188.52, the S&P 500 lost 324.89 points, or 11.98%, to 2,386.13. The Nasdaq Composite dropped 970.28 points, or 12.32%, to 6,904.59.

The suspension of professional sports games, canceled conventions and half-empty restaurants has raised fears - not about whether the longest U.S. economic expansion on record is ending - but about how deep a now presumed recession will be.

All of the Dow's 30 blue-chip members, as well as the 11 major S&P sectors were in the red. Technology stocks dropped 3.1% and were the biggest drag on the benchmark index. Defensive utilities and real estate posted the smallest declines.

Netflix said it added 8.76 million paid global subscribers in the fourth quarter, boosted by strong releases that included a new season of royal drama "The Crown" and two films nominated for Best Picture Oscars.